The new bankruptcy laws stipulate that Chapter 7 bankruptcy disqualifies individuals with a higher bracket of income. To qualify, at least a portion of the debt is to be repaid under Chapter 13. Before clearing their debts, the debtors have to go through debt counselling, under the newly introduced laws which made it impossible for the debtors to file bankruptcy. While filing bankruptcy case is easy earlier, with no possible means of repayment of debts accrued by the debtors, the present laws are so rigid to hire an attorney.
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Restriction on eligibility
Filing of bankruptcy is not that easy now unlike previous years as those opting for bankruptcy filing had the option of choosing the Chapter that would be most appropriate for the individual. Consequent upon the introduction of the new law, higher income individuals cannot file under Chapter 7 anymore, and are forced to file under Chapter 13, only by paying a portion of the debt.
Debt counselling
Individuals wishing to file bankruptcy should have, initially, gone through the credit counselling with an agency approved by the Trustee's office of the Unit States who is the competent authority to finalize regarding opting for repayment methods open or to file bankruptcy and this exercise will prove to be very safe to file the bankruptcy case and makes it very systematic without going through the rigmarole.
More expensive Lawyers
With the introduction of new laws of bankruptcy, attorneys and lawyers are facing lot of difficulty to represent on behalf of the clients in the court which consumes lot of time and thereby the law firm's charges are exorbitantly high making it very expensive to hire lawyers. With the new law in force, the onus of proving the accuracy of the information provided by the clients rests with the lawyers, necessitating them to spend their precious time on research, the lawyers are compelled to charge more fees than earlier times.
To learn more about the new bankruptcy laws click here.
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